MORGAN STANLEY:While Moody's revised ratings are better than its initialguidance of up to three notches, we believe the ratings still donot fully reflect the key strategic actions we have taken inrecent years. However, their acknowledgment of our long-termpartnership with MUFG as well as our industry-leading capitaland liquidity highlight some of the transformative steps we havetaken. With our de-risked balance sheet, stable sources offunding, diverse business mix and strong leadership team, we arewell positioned to deliver for clients and shareholders.

MARK GRANT, MANAGING DIRECTOR AT SOUTHWEST SECURITIES INC:

"The biggest surprise is the three-notch downgrade of CreditSuisse, which no one was looking for. In fact, it was MorganStanley that was supposed to be downgraded by that amount andMorgan received only two notches of cuts."

"Overall, the cost of funding for banks is going to behigher. It will be more difficult to execute complex trades andyou will see counterparty risk allocations curbed. I wouldn't byany bank stocks - or any stocks, for that matter, here. I wouldbuy senior debt of banks because spreads are very wide and thatrepresents good opportunity so long as you stay 'senior' in thecapital structure."

ROYAL BANK OF SCOTLAND:

"The Group disagrees with Moody's ratings change, which theGroup feels is backward-looking and does not give adequatecredit for the substantial improvements the Group has made toits balance sheet, funding and risk profile. Nonetheless, theGroup believes the impacts of this downgrade are manageable,bearing in mind its Â£153 billion liquidity portfolio. The amountof collateral that may have to be posted following this onenotch downgrade by Moody's is estimated to be Â£9 billion as of31 May 2012. The Group continues to maintain a solid liquidityand funding position. RBS has completed its planned wholesalefunding requirements for 2012."

BNP PARIBAS:

"This rating action was anticipated as Moody's placed BNPParibas on review for possible downgrade of up to two notches on15 February 2012. This is part of a wider action where Moody'splaced a number of European banks and institutions with globalmarket activities on review for possible downgrade."

"BNP Paribas notes that Moody's recognises the strength ofits universal bank model and very strong retail and commercialfranchises across a variety of product lines and geographies.Nevertheless, BNP Paribas thinks that the following importantelements have not been sufficiently taken into consideration byMoody's:"

- "BNP Paribas' deleveraging plan, which is now almostcompleted, and will allow it to be one of the very few bankswith a fully loaded Basel 3 CET1 ratio of 9% at end-2012."

- "Its strong liquidity profile, with 201bn liquid assetreserve immediately available as at 31 March 2012, amounting toroughly 100% of its short-term wholesale funding, and 51bnexcess of stable resources against customer funding needs."

"BNP Paribas' very good resilience through the crisis,strong solvency, and consistently cautious risk policy make itone of the most solid banks in the world."

"BNP Paribas is rated AA- by S&P and A+ by Fitch, making itone of the best rated banks according to those well respectedrating agencies."